Global Markets Recap
Had an excellent call with one of our colleagues at Live Oak Bank. Founded in 2007, Live Oak began as a lender to veterinarians only. That earned them the moniker “Doggy Bank”. Look at them now: the Wilmington, North Carolina-concern last year was the #1 SBA lender in the country, by some measures. However you score it, their narrative is 1 that defines America’s entrepreneurial spirit & ingenuity. As they state unequivocally & unapologetically on their website: “Live Oak Bank was founded upon the notion that traditional banking was “broken,” so we set out to provide an innovative banking experience unlike any other. We take immense pride in creating a personalized & streamlined approach to banking with you, our customer, as the focus of our mission.”
I mention this because what gets lost in the headlines is the Great Rebuild of America is underway, yet some people don’t see it. Fed chair Jay Powell politely encouraged investors “not to bet against” our country, & when you hear success stories like that of Live Oak Bank it’s easy to remember that from nothing often becomes something. Today, Live Oak lends across no fewer than 30 industry verticals and while conventional lending may have slowed during the crisis, as is typical, SBA financing should be brisk in the months ahead.